S&P changes Alorica to negative

S&P said it revised the outlook on Alorica Inc. to negative from stable and affirmed the BB- corporate credit rating.

The agency also affirmed the BB issue-level rating on the company's senior secured credit facilities. The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default.

The negative outlook reflects Alorica's weak operating performance in the third quarter of 2017 due to lower-than-expected call volumes from existing customers, business disruption from hurricanes and weaker-than-expected new business, S&P said.

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